Hard money lenders who work with newbies

[Kasan Kelley]

Hey, i hope you all are doing well. I haven't posted here in a while as ive just been working to save money and make strides in rebuilding credit to leverage for scale in the future. Im writing because i am searching for some leads on Hard Money lenders who work with newbies. People who may be on their first buy and hold project or flip. What are the terms like? What are some of the consequences you've had to deal with for not paying back the money on time? Which types of banks can a newbie go to for a Re-fi if i invoke the BRRRR strategy? Do the lenders want licensed contractors or can i involve family who have verifiable experience in some of these areas?

[Nathaniel Larrea]

@Kasan Kelley My suggestion is to start off on a small single family property you can afford with savings and maybe rehab on credit.  Its not ideal but if you're priority is to get your portfolio started and making good cash flow is not, then you'll get to where you want to get to sooner vs. trying to find someone to loan you the money.  My biggest advice is to ask yourself the question, how bad do you want it?  If how bad you want it requires you buying something really cheap ($30k or less) that needs a lot of rehab and so you have to live in it while you do the work yourself to create sweat equity.  Will take a lot more time but the feeling at the end is priceless, knowing you did it all on your own.  People will see this and respect you more for it, subsequently they will loan you the money on the next deal because you demonstrated enough character that you were willing to grind it out.